The concept of an online bank account is easy to understand. These accounts can be opened online without visiting any bank branch. Banks now recommend mobile and internet banking services to their customers to help them save time and effort.
How to open an online savings account?
The simple account-opening procedure of savings accounts with IDFC FIRST Bank’s example. Follow these steps if you wish to open an online savings account with IDFC FIRST Bank:
- Visit the IDFC FIRST Bank online bank account application link
- Enter your name, mobile number, and email address
- Enter your Aadhaar number and PAN (Permanent Account Number)
- Fund your account
- Complete the Video KYC (Know Your Customer) procedure
While most of these steps are understandable, we must make a few observations and dwell on some of them before proceeding further. You can find IDFC FIRST Bank’s online bank account application form on our website or by clicking here. Technically, funding and video KYC are steps you must complete after account opening, but we count them as essential parts of the account-opening procedure.
The pages of the video-KYC and funding procedures must turn green after these procedures are completed.
Furthermore, if you are wondering about the eligibility criteria for an IDFC FIRST Bank online savings account, they are the same as those of the general savings accounts:
You must be an Indian citizen to open an online bank account.
You must be an Indian resident to open an online bank account.
3. For foreign nationals
Foreign nationals who wish to open an online bank account must meet the criteria laid down by the Government of India to open a savings account.
Which other criterion to consider besides high-interest rate?
Here are other criteria to consider for narrowing down your search for the right savings account:
- The bank must provide interest credits on your savings. IDFC FIRST Bank provides monthly interest credits to its savings account holders.
- Look for a bank that offers a hassle-free account-opening experience. Paperless account opening is a smooth, online procedure with close to no hassles.
- You must opt for a bank that offers free and unlimited ATM withdrawals on their savings accounts.
- The customer services offered by the bank must be trustworthy since you must depend on them to resolve any banking query.
How to choose the best online bank account?
While it entirely depends on what you expect from a savings account, some features make certain online savings accounts superior to others.
- Instant account opening
- Immediate account number generation
- Instantaneous access
- Fast video-KYC
- highest interest rates
- Free multiple transfers of funds
- Quick SMS alerts and notifications
IDFC FIRST Bank’s online bank accounts – also called instant savings accounts or ‘insta save accounts’ – not only have all these features but are also complemented by a mobile banking app with features such as One-Swipe Pay and Track Your Expenses. These features can help you save money and manage your finances effectively. Click here to learn more about IDFC FIRST Bank’s instant savings accounts.